With a week to go before a crucial City Council vote that could push the redevelopment of Foothills Mall forward or stall it completely, about two dozen residents questioned city staff and the developer on concerns ranging from leasing rates to financing and what happens if the project fails.

Mayor Pro-tem Gerry Horak, city staff and Foothills developer Don Provost of Alberta Development Partners answered questions for nearly two hours Monday night at a public forum in the city's 215 N. Mason offices.

Currently, 20 percent of retail space at Foothills mall is leased, up slightly from two weeks ago. Provost said the project needs to be about 85 percent leased to be profitable.

Developers hope the City Council votes May 6 to amend the city's $53 million finance agreement that would clear the way for the $300 million project.

Earlier this month, council tabled a vote that would have reduced the amount of space developers are required to lease before it can receive the first installment of $53 million in public financing from the sale of bonds by a metropolitan district. While no official vote was taken, council appeared deadlocked on the issue.

As part of its initial approval, council said it would release $53 million in bonds when Alberta Development Partners had leased 240,000 square feet of space, with half of those leases from retailers new to Fort Collins.

Alberta wants to reduce that initial benchmark to 155,000 square feet. It would not get the full $53 million until 310,000 square feet has been leased.

Provost said Monday any further delay in the financing package could jeopardize the leases already in place and the project's tentative opening date of late 2015.

Alberta has leased more than 100,000 square feet, about 20 percent of the project and expects to have about 195,000 square feet leased by the end of May.

Several residents wanted to know about the financing agreement and what financial risks the city is taking if the project fails or doesn't succeed.

"The city is not borrowing any money" to fund the project, Mike Beckstead, the city's chief financial officer told the crowd. If the project fails, the city will have no obligation, legally or morally, to repay the bonds, he said.

A metro district authorized by the city but comprised of mall developers and Macy's will be responsible for the payments, Beckstead said. The amendment to the financing agreement sought by developers "simply allows them to keep their leases intact and holiday 2015 timeline intact," he said.

If council does not approve the agreement, City Manager Darin Atteberry said he worries the project will lose momentum. "I don't know what the next version looks like but that uncertainty makes me very nervous after working on this for 10 years."

The project is 10 percent smaller and a year behind schedule partially because of prolonged negotiations with Sears and Arc Thrift store about their future on mall property, longer than expected time to work out final financing details with the city and changes in the site plan.

Alberta, which has until June 30 to secure all of its financing, has said it will likely name retailers who have signed leases sometime this summer.

Provost said the tenant mix will be similar to Park Meadows Mall or Flat Iron Crossing.

By the numbers

For the Foothills Mall:

• $313 million — total project cost

• $160 million — projected total bond cost to the Foothills Metropolitan District

• $53 million — public funding support

• 659,131 — total square footage of the project

• 800 — residential units to be built by December 2018

• $378 — projected sales per retail square foot

What's next?

City Council will vote on an amendment to the financing package May 6. The meeting begins at 6 p.m. at City Hall, 300 LaPorte Ave., Fort Collins.